By Cristal Cody
Tupelo, Miss., Sept. 12 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $593 million of notes in a refinancing and reset of the 2013 Venture XIII CLO, Ltd./Venture XIII CLO, LLC transaction, according to a market source and a notice of executed amended and restated indenture on Tuesday.
The CLO sold $362.5 million of class A-R senior secured floating-rate notes at Libor plus 124 basis points, $61 million of class B-R senior secured floating-rate notes at Libor plus 170 bps; $34 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 230 bps; $34 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 330 bps; $39.5 million of class E-R junior secured deferrable floating-rate notes at Libor plus 675 bps and $62 million of subordinated notes.
Jefferies LLC arranged the transaction.
MJX Venture Management is the CLO manager.
The maturity on the refinanced notes was extended to Sept. 10, 2029 from the original May 27, 2025 maturity.
The reset CLO also has an extended two-year non-call period and four-year reinvestment period.
The original $600 million CLO was issued on March 25, 2013.
The CLO had priced $7 million of class A-X floating-rate notes at Libor plus 120 bps; $362.5 million of class A-1 floating-rate notes at Libor plus 106 bps; $61 million of class B floating-rate notes at Libor plus 183 bps; $34 million of class C floating-rate notes at Libor plus 325 bps; $34 million of class D floating-rate notes at Libor plus 375 bps; $39.5 million of class E floating-rate notes at Libor plus 580 bps and $62 million of subordinated notes.
Proceeds from the transaction were used to redeem the original notes.
The refinanced CLO is backed primarily by broadly syndicated senior secured corporate loans.
MJX has priced two new CLOs and refinanced five vintage CLOs year to date.
The New York City-based asset management firm priced three new CLOs and refinanced three vintage CLOs in 2016.
| Issuer: | Venture XIII CLO, Ltd./Venture XIII CLO, LLC
|
| Amount: | $593 million refinancing
|
| Maturity: | Sept. 10, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | MJX Venture Management LLC
|
| Call feature: | Two years
|
| Settlement date: | Sept. 11
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $362.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 124 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-R notes
|
| Amount: | $61 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $34 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: A1
|
|
|
| Class D-R notes
|
| Amount: | $34 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Class E-R notes
|
| Amount: | $39.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $62 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
